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In reply to the discussion: Tax Deductions are a HUGE form of welfare, and the richest people are getting the most welfare [View all]mainer
(12,037 posts)191. I pay the maximum tax rate.
I take no mortgage deduction (because I'm lucky enough to have paid off my house.)
My only deductions are for charity and for (modest) business expenses.
I have a feeling I contribute a lot more to the federal government than you do.
So are you calling me a slacker for not giving 100% of my income to the government?
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Tax Deductions are a HUGE form of welfare, and the richest people are getting the most welfare [View all]
Sarah Ibarruri
Mar 2014
OP
Yup. The rich take deductions (welfare) in countless ways - even pleasure trips nt
Sarah Ibarruri
Mar 2014
#4
Yup, it's not some black lady Reagan invented. It's suited CEOs making millions and all the rest nt
Sarah Ibarruri
Mar 2014
#5
So paying tax on capital gains is OK, but deducting capital losses is welfare? That is complete BS
badtoworse
Mar 2014
#15
If you're gambling, it should be your problem and your loss completely, don't you think? nt
Sarah Ibarruri
Mar 2014
#16
If you want to look at it that way, then win or lose it's none of the government's business.
badtoworse
Mar 2014
#17
Incorrect. The govt is there to protect the nation, and the entire nation needs to be protected.
Sarah Ibarruri
Mar 2014
#18
Perhaps not. I'm a serious investor and I found her attitude about this to be not very nice.
badtoworse
Mar 2014
#30
Read it too fast...thought she was talking about gambling, literally. You are
Laura PourMeADrink
Mar 2014
#106
Incorrect. Investing is a choice. My country shouldn't be penalized for your investment losses nt
Sarah Ibarruri
Mar 2014
#35
I don't care. Let me repeat. Your choices with your excess $ is not the country's problem nt
Sarah Ibarruri
Mar 2014
#45
No, what hurts is how entitled you feel to our govt "paying you" for your losses nt
Sarah Ibarruri
Mar 2014
#68
You can deduct all you want, but that money you're keeping is our country's money nt
Sarah Ibarruri
Mar 2014
#64
When an investor invests money they are using money they earned in another endeavor
Nuclear Unicorn
Mar 2014
#109
What? Are you kidding me? Your gambling losses should be my or my country's problem? nt
Sarah Ibarruri
Mar 2014
#34
I don't care how you see it. Your choices with your excess money should not be my problem nt
Sarah Ibarruri
Mar 2014
#40
What if I told you that the tax code allows you to deduct *actual* gambling losses ...
dawg
Mar 2014
#213
Again, why should my country have to pay you for your decisions in gambling, or your choices in
Sarah Ibarruri
Mar 2014
#36
Oh my God. Now we're getting personal here? I said that gambling should not be the country's prob
Sarah Ibarruri
Mar 2014
#41
Clearly, you think your losing choices with your excess money should be protected by me
Sarah Ibarruri
Mar 2014
#46
I doubt the economy would melt down if the govt doesn't bail out investment losses nt
Sarah Ibarruri
Mar 2014
#222
I'm not a tax attorney, but I don't think the U.S. govt should be "paying" people for
Sarah Ibarruri
Mar 2014
#63
I'm off to lunch, but when I return, I'll discuss how you can keep your job even if deductions
Sarah Ibarruri
Mar 2014
#103
"This will teach you upstarts to question low low low taxes for the job creators!" I know! nt
Sarah Ibarruri
Mar 2014
#223
You can only deduct gambling losses from income taxed from gambling wins.
Drahthaardogs
Mar 2014
#59
Who said that? Did you view the youtube, or merely posted a response just to respond something? nt
Sarah Ibarruri
Mar 2014
#38
I can assure you that if your landlord can't deduct his mortgage, your rent will increase.
Hoyt
Mar 2014
#81
That's the argument that if you treat the rich nicely, they'll trickle down to you.
Sarah Ibarruri
Mar 2014
#162
No, that is the argument that a landlord has to cover expenses and price his apartments so as to be
Hoyt
Mar 2014
#172
Paraphrasing. You said that if the landlord was doing okay, the rents would be lower. Right?
Sarah Ibarruri
Mar 2014
#174
Of course they should. Why should someone get money from charity? Either it's charity, or it's not
Sarah Ibarruri
Mar 2014
#33
So are you saying that you wouldn't give charity if you couldn't get $ advantages from it?
Sarah Ibarruri
Mar 2014
#163
Also by helping to remove the sanctimony gene from the pool. So thanks. nt
Dreamer Tatum
Mar 2014
#56
however, you are not adding to the taxpayer pool - who will pay taxes in the future?
DrDan
Mar 2014
#58
I believe taxes are too high on the working poor and middle class BECAUSE those who have
Sarah Ibarruri
Mar 2014
#70
I believe that you don't know squat about economics, but you like your excess money - a lot nt
Sarah Ibarruri
Mar 2014
#76
I should've known you were in the business. lol So is my brother-in-law, which is why I know what
Sarah Ibarruri
Mar 2014
#90
Without deductions you'd have no job. Let's examine it from that angle! :-P nt
Sarah Ibarruri
Mar 2014
#98
Some deductions are abusive, but I basically agree. And, one thing a lot of folks miss is
Hoyt
Mar 2014
#84
Look, if I had $100,000 to give, I'd get a deduction "returning" $35,000, I'd still be out $65,000.
Hoyt
Mar 2014
#91
So you think I (and the others in the U.S.) should "pay" you for giving charity? Excuse me?
Sarah Ibarruri
Mar 2014
#93
No one is paying me (because I'm not taking that deduction). The government is saying we value
Hoyt
Mar 2014
#97
The govt is keeping you from having to pay what you would've paid. Therefore, it's paying you. nt
Sarah Ibarruri
Mar 2014
#99
I would still be contributing a net $65,000. Are you against orphanages getting contributions?
Hoyt
Mar 2014
#104
It boils down to money the govt is giving you, and the govt should not be in the business of handing
Sarah Ibarruri
Mar 2014
#96
The government isn't giving people money when people donate to charity.
Nuclear Unicorn
Mar 2014
#140
Maybe not everyone, but LOTS of people give their trash, stuff that belongs in a dumpster nt
Sarah Ibarruri
Mar 2014
#175
So you are against taxes then. Am I correct? Because if you consider that YOUR money,
Sarah Ibarruri
Mar 2014
#165
You can argue all you want. The money the country needs to survive needs to come from us...
Sarah Ibarruri
Mar 2014
#185
I'm merely saying that those who have plenty to live on, should get no deductions. nt
Sarah Ibarruri
Mar 2014
#193
Another one that didn't watch the youtube, but merely responded in a knee-jerk response nt
Sarah Ibarruri
Mar 2014
#167
Giving the richest and large corporations welfare through deductions, low maximum tax rates,
indepat
Mar 2014
#119
GE reportedly pays no FIT on an income probably many multiples that of your Fortune 500 company
indepat
Mar 2014
#198
Exactly. No homeless or poor person would be able to buy a house and get that welfare nt
Sarah Ibarruri
Mar 2014
#160
There has been some interesting post here. On home mortgage interest deduction,
Thinkingabout
Mar 2014
#133
Lunacee - I would be very interested in reading about that. Wouldn't surprise me! nt
Sarah Ibarruri
Mar 2014
#157
Exactly. The same ones whining about the poor and homeless are bleeding the country dry nt
Sarah Ibarruri
Mar 2014
#156
Thank you! Corporate welfare is like a broken faucet from which the water is shooting out non-stop
Sarah Ibarruri
Mar 2014
#155
They're like the Nazis - creating scapegoats so no one realizes what THEY are doing. nt
Sarah Ibarruri
Mar 2014
#169